The Only Shirt Wholesalers spent $19,500 to purchase 1,000 shirts from a shirt manufacturer as inventory. Worn Star Shirt Retailers paid $24,500 for the 1,000 shirts from The Only Shirt Wholesalers on January 9, 2018. Payment is due in one month. Both companies use the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required a) Prepare the journal entry for Worn Star Shirt Retailers on January 9. Date Account Title and Explanation Debit Credit 2018 Jan 9 Show Transcribed Text Purchased inventory Jan 9 Jan 9 b) Prepare the journal entries for The Only Shirt Wholesalers on January 9. Record the revenue transaction first. Date Account Title and Explanation Debit Credit 2018 ◆ Sold inventory on account Ć ◆ ◆

The Only Shirt Wholesalers spent $19,500 to purchase 1,000 shirts from a shirt manufacturer as inventory. Worn Star Shirt Retailers paid $24,500 for the 1,000 shirts from The Only Shirt Wholesalers on January 9, 2018. Payment is due in one month. Both companies use the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required a) Prepare the journal entry for Worn Star Shirt Retailers on January 9. Date Account Title and Explanation Debit Credit 2018 Jan 9 Show Transcribed Text Purchased inventory Jan 9 Jan 9 b) Prepare the journal entries for The Only Shirt Wholesalers on January 9. Record the revenue transaction first. Date Account Title and Explanation Debit Credit 2018 ◆ Sold inventory on account Ć ◆ ◆

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 14E: Guardian Services Inc. had the following transactions during the month of April: a. Record the June...

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Guardian Services Inc. had the following transactions during the month of April: a. Record the June purchase transactions for Guardian Services Inc. in the following purchases journal format: b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for April? c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zero balance on April 1?
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system
On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $480 per board. The cost to Bates is $150 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank.
Take me to the text JP Supermarkets bought $2,890 worth of groceries on account from a produce supplier on February 5, 2022. On February 6, JP's bookkeeper was informed that $270 worth of tomatoes was substandard and returned to the supplier. Prepare the journal entry to record the purchase return using the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required Prepare the journal entry for JP Supermarkets on February 6. Account Title and Explanation Debit Credit Date 2022 Feb 6 To record the purchase return ÷
On March 1, Bates Board Shop sells 280 surfboards to a local lifeguard station at a sales price of $430 per board. The cost to Bates is $180 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank. Mar. 1 Accounts Receivable Accounts Receivable Cost of Goods Sold Cost of Goods Sold Mar. 1 - Select - - Select - - Select - - Select - Mar. 10 - Select - - Select - - Select - - Select - - Select - - Select -
On March 1, Bates Board Shop sells 290 surfboards to a local lifeguard station at a sales price of $420 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 1 Mar. 10 Accounts Receivable Accounts Payable Cash Sales Discounts Sales II II III II II III
On April 5, a customer returns 19 bicycles with a sales price of $240 per bike to Barrio Bikes. Each bike cost Barrio Bikes $130. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. Question Content Area A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Sales return Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts Receivable Apr. 5 Cost of inventory returned Merchandise Inventory Merchandise Inventory B. Prepare the journal entry to recognize this return if the company uses the periodic inventory system. If an amount box does not require an entry, leave it blank. Apr. 5 Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts Receivable
Stylon Co., a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $2,900, receiving a credit memo. a. Journalize Stylon’s entry to record the purchase. If an amount box does not require an entry, leave it blank. b. Journalize Stylon’s entry to record the merchandise return. If an amount box does not require an entry, leave it blank. c. Journalize Stylon’s entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank. d. Journalize Stylon’s entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
Stylon Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $3,200, receiving a credit memo. a. Journalize Stylon's entry to record the purchase. If an amount box does not require an entry, leave it blank. Inventory v Accounts Payable v X Feedback b. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank. Accounts Payable Inventory v Feedback c. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank. 88 Accounts Payable Cash v Feedback d. Journalize Stylon's entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Accounts Payable v
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Cash Accounts Payable Purchases Accounts Receivable Merchandise Inventory Sales Provide the journal entries for the following transactions assuming a perpetual inventory system using the account names above Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms Lamplight returns ten light fixtures, receiving a credit amount for the full purchase price on August 3: Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice date August 19, with no discount terms: Lamplight pays $100 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30?
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $840,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit